In Ripon, California, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
Trusts can serve any number of purposes. They can be set up to ensure that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.
A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.
Because you, as the trustee, can determine the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Ripon, CA Trust
To establish a trust in Ripon, California, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.
Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.
Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.
Lastly, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.
Can A Ripon, California Trust Drafting Attorney Help?
While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly difficult. Therefore, you should probably seek the help of a Ripon, California attorney if you wish to set up a trust.